NDP Leader Tom Mulcair criticized the Harper government's lack of transparency in rejecting the Petronas takeover during his remarks at the NDP's federal council meeting in Ottawa on Sunday. (Patrick Doyle/The Canadian Press)

Yesterday, NDP leader Thomas Mulcair denounced the federal government's lack of transparency in its decision to reject a $6-billion bid by Malaysia's state-owned oil company Petronas for Calgary-based Progress Energy Resources during a speech to party faithful in Ottawa.

Mulcair said the decision by Industry Minister Christian Paradis came like a thief in the night.

"The lack of transparency is starting to reach new heights. Who releases such an important decision at midnight on a Friday? Someone who has something to hide and no way to explain," Mulcair said.

In a written statement issued Friday night, Paradis said "I can confirm that I have sent a notice letter to Petronas indicating that I am not satisfied that the proposed investment is likely to be of net benefit to Canada."

'In the absence of a transparent and open process, investors can't be certain these decisions aren't made for political reasons or influenced by pure cronyism.'—NDP leader Thomas Mulcair

Paradis gave Petronas 30 days to convince him otherwise but offered no other details citing confidentiality provisions in the Act.

Progress Energy CEO Michael Culbert said the company "will be working over the next 30 days to determine the nature of the issues and the potential remedies."

"The long-term health of the natural gas industry in Canada and the development of a new [liquified natural gas] export industry are dependent on international investments," Culbert said

In his speech Mulcair said Ottawa's lack of transparency was bad for business and the economy.

"In the absence of a transparent and open process, investors can't be certain these decisions aren't made for political reasons or influenced by pure cronyism, said Mulcair adding that Canadians also "can't be certain that the development of our strategic resources will benefit Canada."

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